By Tiernan Ray

The Street today has been taking a look at a proxy filing by Sprint-Nextel (S) discussing a proxy filing by the company yesterday asking for shareholder support for the company’s proposed takeover by Japan’s Softbank at $7.30 per share, first announced on October 15th.

Sprint shares today are down 7 cents, or 1.2%, at $5.67. Reuters’s Sinead Caretoday followed up on that filing, writing that the company’s statement that it talked with companies between September of 2011 and February of 2012 about a possible combination was likely a reference to MetroPCS (PCS), which is merging with Deutsche Telekom‘s (DTEGY) T-Mobile USA, citing multiple unnamed sources.

But Wells Fargo’s Jennifer Fritzsche today goes a little further, suggesting T-Mobile was one of the other four unnamed companies referenced in the filing. Dish Network (DISH), which is currently competing with Sprint and Softbank to buy Sprint’s broadband partner, Clearwire (CLWR), was likely company “Z” referred to in the filing, Fritzsche thinks.

Fritzsche, who has an Outperform rating on Sprint shares, writes that there was little surprising in the filing, but that the financial forecasts offered by Sprint as potential outcomes of a merger with Softbank seem “conservative” to her because she’s expecting “more capacity investments by Sprint in the next few years”:

The proxy includes several financial scenarios prepared by the financial advisors. The Baseline scenario is for Adjusted OIBDA of $6.2B and $8.2B for 2013 and 2014. The Baseline also includes 2013 and 2014 capex of $5.3B and $4.2B and free cash flow of ($2.4B) and $1.8B. The proxy also includes a more conservative model called the Revised Baseline with the following assumptions: Adjusted OIBDA $5.6B/$7.0B in 2013/2014, capex $6.4B/$4.6B, and FCF ($4.5B) and ($1.1B). Lastly, the proxy includes a model that assumes the financing of a 25k site LTE service on Clearwire’s spectrum funded by Sprint and a model that assumes an acquisition of Clearwire. The range of ’13 OIBDA for the four models is $5.3­6.2B vs. our $5.0B estimate. The range of 2014 OIBDA for the four models is $6.9­8.2B vs. our $7.3B.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.